AMERICAN PHYSICIANS SERVICE GROUP REPORTS IMPROVED RESULTS FOR FOURTH QUARTER AND 1994.AUSTIN, Texas--(BUSINESS WIRE)-- April 3, 1995--American Physicians Service Group, Inc. ("APS") (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AMPH AMPH Amphiphysin AMPH Amphibious ) today announced its results for the fourth quarter and year-end 1994. For the year ended Dec. 31, 1994, APS reported total revenues of $17,737,000 vs. $17,681,000 in 1993. Net earnings of $1,254,000 ($.35 per share) compared to $1,086,000 ($.30 per share) in 1993. For the three months ended Dec. 31, 1994, revenues were $5,622,000 vs. $5,012,000 attained in the prior year same period. Net income of $686,000 ($.19 per share) compared to $198,000 ($.06 per share) in the fourth quarter of last year. Ken Shifrin, APS chairman of the board stated, "We are pleased to report that earnings per share increased by 17 percent over the prior year. As we reported earlier, excellent performances in insurance management and in systems/software more than made up for an off year at our financial subsidiary, which was adversely affected throughout 1994 by rising interest rates." Shifrin concluded, "For 1995 we have taken steps to reduce risk in our financial subsidiary and expect good performances in all of our core businesses. Our 22 percent stake in Prime Medical Services, Inc. (NASDAQ:PMSI PMSI Purchase-Money Security Interest (generally a lien resulting from a purchase such as a car loan) PMSI Physician Micro Systems, Inc. PMSI Programme de Médicalisation des Systèmes d'Information Hospitaliers PMSI Popular Mortgage Servicing, Inc. ) continues to enhance our earnings and net worth. Prime's aggressive acquisition plan has made it the third largest lithotripsy Lithotripsy Definition Lithotripsy is the use of high-energy shock waves to fragment and disintegrate kidney stones. The shock wave, created by using a high-voltage spark or an electromagnetic impulse, is focused on the stone. operator in the country and more acquisitions are anticipated in 1995." Bill Hayes Bill Hayes (born William Foster Hayes III on June 5, 1925 in Harvey, Illinois) is an American actor and singer. Career Hayes was a singer on the Sid Caesar and Imogene Coca variety show Your Show of Shows in the early 1950s. , CFO See Chief Financial Officer. added, "Our balance sheet remains strong, with low debt and good liquidity. The company has a book value of $4.47 per share and approximately another $1.20 per share in the unrecorded, tax-affected, public market value in excess of carrying value Carrying Value Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. Notes: This is different than market value, as it can be higher or lower depending on the circumstances. of our 22 percent ownership of Prime shares. Given that our implied book value is considerably above $5.00 per share at Dec. 31, 1994, coupled with favorable outlooks for both APS and Prime, we believe that our stock is undervalued Undervalued A stock or other security that is trading below its true value. Notes: The difficulty is knowing what the "true" value actually is. Analysts will usually recommend an undervalued stock with a strong buy rating. in the current $2.75 range." APS is a management and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. firm with subsidiaries and affiliates which provide: medical malpractice Improper, unskilled, or negligent treatment of a patient by a physician, dentist, nurse, pharmacist, or other health care professional. insurance services for doctors and hospitals; brokerage, and investment services to institutions and individuals; computer systems for medical clinics, university medical schools, physician hospital organizations (PHOs) and other physician networks; lithotripsy services in 16 states; and publications promoting trade between the United States and Mexico. The company is headquartered in Austin, Texas and maintains offices in San Antonio, Dallas, Houston, and Little Rock. -0-
AMERICAN PHYSICIANS SERVICE GROUP, INC.
SELECTED FINANCIAL DATA
(In Thousands, except per share data)
THREE MONTHS YEAR
ENDED ENDED
DECEMBER 31 DECEMBER 31
---------------- ---------------
1994 1993 1994 1993
------- ------ ------ ------
Revenues $ 5,622 5,012 17,737 17,681
Earnings Before Income Taxes 982 236 1,843 1,348
------- ------ ------ ------
Net Earnings 686 198 1,254 1,086
Net Earnings Per Share
(Fully Diluted) $ .19 .06 .35 .30
Weighted Average Shares
Used in Computation 3,614 3,593 3,614 3,622
CONTACT: American Physicians Service Group Inc. Kenneth Shifrin or W.H. Hayes, 512/328-0888 |
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